Simple Ira Contribution Limits 2024

Simple Ira Contribution Limits 2024. For 2024, the annual contribution limit for simple iras is $16,000, up from $15,500 in 2023. For a 401(k) plan, the relevant statutory contribution limits are set forth in irc section 401(a)(30), which limits the amount of elective deferrals to the dollar amount in irc.

$16,000 ($19,500 for individuals aged 50 or older). Employers must at least contribute a fixed 2% equal to each participant’s annual compensation or match an employee’s contributions of up to 3%.